Fri, 09 Mar 2012
ET reported that TATA Power, Reliance Power, ArcelorMittal, Jindal Steel and Power and Monnet Ispat & Energy are among 60 companies that face risk of cancellation of mining licenses for being slow in exploration of coal blocks.
A review committee headed by coal ministry's additional secretary Ms Zohra Chatterjee has recommended issuing 'show-cause notices' for 58 blocks asking for reasons why mining licenses should not be revoked. A coal ministry official said appropriate action would be initiated against companies that are not able to justify the delay.
The official said that "We are reviewing allotment to non-serious companies that are simply sitting on the blocks. Some allottees are yet to start any activities on the site. Some blocks are delayed due to problems in land acquisition, delayed regulatory clearances, local agitation and law and order issues.”
The companies include Hindalco Industries, TATA Sponge, Electro Steel Casting, MMTC, National Aluminium Co Ltd and power and mining utilities of Jharkhand, Orissa, Andhra Pradesh, Chhattisgarh, Madhya Pradesh and Tamil Nadu.
Coal ministry's latest review found that only 29 of 195 allotted coal blocks have started production while progress at 90 blocks was found dissatisfactory as critical milestones like acquisition of land, forest clearances and execution of mining lease were not achieved for various reasons.
Captive mines are expected to generate just about 36 million tonnes by this fiscal against targeted 81 million tonnes, scaled down from 104 million tonnes after mid-term review by the Planning Commission.
Caution notices will be issued to about 28 companies, including National Thermal Power Corporation, Steel Authority of India, Jai Prakash Associates, Jindal Steel & Power and GVK Power, for slow progress at 32 blocks.
The committee has also advised owners of another 58 blocks to follow up aggressively with the environment ministry for securing clearances. The committee also recommended de-allocation of two lignite blocks.
The government has till date revoked mining licenses for 23 captive coal blocks that were later allotted to Coal India Ltd.
Source - Economic Times
Showing posts with label Monnet Ispat. Show all posts
Showing posts with label Monnet Ispat. Show all posts
Friday, March 9, 2012
Saturday, January 7, 2012
AFISCO to invest INR 375 crore for exploration at Hajigak in Afghanistan
Saturday, 07 Jan 2012
ET reported that a consortium of Indian steel companies led by Steel Authority of India Limited will invest about INR 375 crore in initial exploration for iron ore at Hajigak in Afghanistan.
The exploration will give the Indian consortium, called Afghanistan Iron & Steel Consortium, an indication of the size and grade of reserves, which were last explored in the 60s.
The outlay, which will cover exploration over two years, will be a prelude to an investment of INR 55,000 crore to develop mines, build a steel plant and create infrastructure.
A working level team from AFISCO will visit Afghanistan shortly for talks with the government on the final agreement. The Indian team will also seek the Afghan government's active role in providing road and rail infrastructure outside the mining area, in securing licensing rights and housing for project workers.
Mr CS Verma chairman of SAIL said “We will seek the Afghan government's role in providing safety and security cover to Indian personnel. Since Afghanistan is on a negative list, the security factor will weigh critically before we make any investments. It will also help when the consortium seeks funding from multilateral financial institutions.”
Mr Verma said “While road and rail links within the project area will be our responsibility, we would want the Afghan government to provide infrastructure support outside the project area up to the nearest international port.”
The consortium, which has JSW Steel, JSW Ispat, JSPL, RINL, NMDC and Monnet Ispat as the other members, will hold a separate meeting to work out the issues.
(Sourced from ET)
ET reported that a consortium of Indian steel companies led by Steel Authority of India Limited will invest about INR 375 crore in initial exploration for iron ore at Hajigak in Afghanistan.
The exploration will give the Indian consortium, called Afghanistan Iron & Steel Consortium, an indication of the size and grade of reserves, which were last explored in the 60s.
The outlay, which will cover exploration over two years, will be a prelude to an investment of INR 55,000 crore to develop mines, build a steel plant and create infrastructure.
A working level team from AFISCO will visit Afghanistan shortly for talks with the government on the final agreement. The Indian team will also seek the Afghan government's active role in providing road and rail infrastructure outside the mining area, in securing licensing rights and housing for project workers.
Mr CS Verma chairman of SAIL said “We will seek the Afghan government's role in providing safety and security cover to Indian personnel. Since Afghanistan is on a negative list, the security factor will weigh critically before we make any investments. It will also help when the consortium seeks funding from multilateral financial institutions.”
Mr Verma said “While road and rail links within the project area will be our responsibility, we would want the Afghan government to provide infrastructure support outside the project area up to the nearest international port.”
The consortium, which has JSW Steel, JSW Ispat, JSPL, RINL, NMDC and Monnet Ispat as the other members, will hold a separate meeting to work out the issues.
(Sourced from ET)
Tuesday, November 29, 2011
Indian consortium bags 3 Hajigak iron ore blocks in Afghanistan
Tuesday, 29 Nov 2011
It is reported that Afghanistan government has offered India a new strategic role in Afghanistan by awarding mining rights for the country’s biggest iron deposit to a group of Indian state run and private companies.
Mr Karzai president of Afghanistan and his cabinet awarded three of four blocks at the Hajigak ore deposit to seven companies that bid with support from India’s government and offered the final block to Canada’s Kilo Goldmines Ltd
The Afghan Ministry of Mines announced “The Afghan Iron and Steel Consortium (AFISCO) which comprises SAIL, NMDC, Monnet Ispat & Energy, RINL, JSW Steel, Jindal Steel & Power, JSW Ispat has been awarded three blocks.”
India’s government backed the group, led by state owned Steel Authority of India Ltd Limited and NMDC Ltd, to widen the country’s strategic presence in Afghanistan, which Prime Minister Manmohan Singh has said is essential for Indian security.
Hajigak, a series of rugged mountain ridges 100 kilometers west of Kabul, holds an estimated 1.8 billion tonnes of ore and is the biggest mining project on offer in a country that the US government estimated last year holds USD 1 trillion in untapped minerals.
The Afghan government had invited bids to award development rights for four mines in Hajigak earlier this year and the last date for submission of bids was September 4.
(Sourced from Bloomberg & NDTV)
It is reported that Afghanistan government has offered India a new strategic role in Afghanistan by awarding mining rights for the country’s biggest iron deposit to a group of Indian state run and private companies.
Mr Karzai president of Afghanistan and his cabinet awarded three of four blocks at the Hajigak ore deposit to seven companies that bid with support from India’s government and offered the final block to Canada’s Kilo Goldmines Ltd
The Afghan Ministry of Mines announced “The Afghan Iron and Steel Consortium (AFISCO) which comprises SAIL, NMDC, Monnet Ispat & Energy, RINL, JSW Steel, Jindal Steel & Power, JSW Ispat has been awarded three blocks.”
India’s government backed the group, led by state owned Steel Authority of India Ltd Limited and NMDC Ltd, to widen the country’s strategic presence in Afghanistan, which Prime Minister Manmohan Singh has said is essential for Indian security.
Hajigak, a series of rugged mountain ridges 100 kilometers west of Kabul, holds an estimated 1.8 billion tonnes of ore and is the biggest mining project on offer in a country that the US government estimated last year holds USD 1 trillion in untapped minerals.
The Afghan government had invited bids to award development rights for four mines in Hajigak earlier this year and the last date for submission of bids was September 4.
(Sourced from Bloomberg & NDTV)
Thursday, September 8, 2011
Indian consortium hoping to be preferred bidder
Thursday, 08 Sep 2011
The bid submitted by a consortium of Indian steel and mining companies, led by Steel Authority of India Limited, for mining concessions of the Hajigak Iron Ore Mines located near Bamiyan in Afghanistan is among the six bids opened by the ministry of mines of Islamic Republic of Afghanistan.
Structure of Indian consortium
SAIL - 20%
NMDC - 18%
RINL - 18%
JSW - 16%
JSPL - 16%
JSW Ispat - 8%
Monnet Ispat & Energy - 4%
The consortium has bid for all the four blocks at Hajigak offered by MoM, Afghanistan. Announcement of preferred and reserved bidders is expected to be made by Afghanistan on or about October 4th 2011.
As per the Request for Proposal issued by MoM, Afghanistan there will be total and annual exploration expenditure requirements over at least a three year period with annual minimums of USD 5 million or more. Bids will be evaluated on various parameters related to bidding company's credentials and benefits accruing to Afghanistan such as royalty, commitment towards corporate social responsibility, etc. Emphasis has been laid on development plans which proposes expansion from iron mine/processing facilities with transport assets to vertically integrated processes including making steel. However, the weightage assigned to individual parameters has not been disclosed by the MoM, Afghanistan.
Upon receiving the news of bid opening, Mr CS Verma chairman of SAIL said that "This is the first time that Indian public and private sector companies have come together to jointly bid for an iron ore asset abroad. With Afghanistan holding strategic interest for India, we hope that our endeavor to obtain mining licenses there will be a stepping stone towards the larger objective of contributing to the much-needed economic growth of the country. This will pave the way for more such collaborative efforts in the future by Indian companies for obtaining raw material assets in other countries."
The five other bids submitted by parties from various countries for the include ACATAC, LLC of the USA (3 blocks), Behin-Sanate Diba of Iran (4 blocks), Gol-e-Gohar Iron Ore of Iran (1 block), Kilo Goldmines Ltd. of Canada (1 block) and Corporate Ispat Alloys Ltd of India (1 block).
The bid submitted by a consortium of Indian steel and mining companies, led by Steel Authority of India Limited, for mining concessions of the Hajigak Iron Ore Mines located near Bamiyan in Afghanistan is among the six bids opened by the ministry of mines of Islamic Republic of Afghanistan.
Structure of Indian consortium
SAIL - 20%
NMDC - 18%
RINL - 18%
JSW - 16%
JSPL - 16%
JSW Ispat - 8%
Monnet Ispat & Energy - 4%
The consortium has bid for all the four blocks at Hajigak offered by MoM, Afghanistan. Announcement of preferred and reserved bidders is expected to be made by Afghanistan on or about October 4th 2011.
As per the Request for Proposal issued by MoM, Afghanistan there will be total and annual exploration expenditure requirements over at least a three year period with annual minimums of USD 5 million or more. Bids will be evaluated on various parameters related to bidding company's credentials and benefits accruing to Afghanistan such as royalty, commitment towards corporate social responsibility, etc. Emphasis has been laid on development plans which proposes expansion from iron mine/processing facilities with transport assets to vertically integrated processes including making steel. However, the weightage assigned to individual parameters has not been disclosed by the MoM, Afghanistan.
Upon receiving the news of bid opening, Mr CS Verma chairman of SAIL said that "This is the first time that Indian public and private sector companies have come together to jointly bid for an iron ore asset abroad. With Afghanistan holding strategic interest for India, we hope that our endeavor to obtain mining licenses there will be a stepping stone towards the larger objective of contributing to the much-needed economic growth of the country. This will pave the way for more such collaborative efforts in the future by Indian companies for obtaining raw material assets in other countries."
The five other bids submitted by parties from various countries for the include ACATAC, LLC of the USA (3 blocks), Behin-Sanate Diba of Iran (4 blocks), Gol-e-Gohar Iron Ore of Iran (1 block), Kilo Goldmines Ltd. of Canada (1 block) and Corporate Ispat Alloys Ltd of India (1 block).
Tuesday, September 6, 2011
CIL bid to develop old coal mines delayed
Tuesday, 06 Sep 2011
ET reported that Coal India is considering switching to a global open tender mode for developing its abandoned mines, a development that could inordinately delay the project. CIL was hoping to float these joint ventures by the middle of 2010.
Coal India is seeking to develop some 18 old mines with a total reserve of 1.6 billion tonnes of high quality coking and thermal coal under joint venture arrangements with global underground mining companies.
It had sought preliminary expressions of interest and had short listed 10 companies. The short listed firms included ArcelorMittal India, Rio Tinto, Titan Mining Company, JSW Steel, JSW Energy, Monnet Ispat, Essar Mineral Reserves, SNT Mining and Sunflag Iron & Steel. CIL had received between six and 10 applications of interest for every mine offered under BCCL and CCL jurisdiction, while for ECL it was between 2 and 7.
But since CIL drew no response from them in the first round of tendering, it was forced to relax some conditions in the second phase, which is now under way. However, if this round also fails, the company may go for open global tendering, a process under which anybody can bid and there will not be any preliminary short listing.
A CIL was quoted as saying that "It has now been decided that if the second round of tendering also yields no result, open global tendering route will be resorted to.”
The manager said that "None of the interested parties responded to the notice inviting tenders for joint ventures. Rather, some of the parties gave some suggestions for softer tendering conditions. Those suggestions were examined and accepted to the extent possible. The second round of limited tendering is in process.”
The abandoned mines include 6 of Eastern Coalfields, 8 of Bharat Coking Coal and 4 of Central Coalfields mines.
(sourced from ET)
ET reported that Coal India is considering switching to a global open tender mode for developing its abandoned mines, a development that could inordinately delay the project. CIL was hoping to float these joint ventures by the middle of 2010.
Coal India is seeking to develop some 18 old mines with a total reserve of 1.6 billion tonnes of high quality coking and thermal coal under joint venture arrangements with global underground mining companies.
It had sought preliminary expressions of interest and had short listed 10 companies. The short listed firms included ArcelorMittal India, Rio Tinto, Titan Mining Company, JSW Steel, JSW Energy, Monnet Ispat, Essar Mineral Reserves, SNT Mining and Sunflag Iron & Steel. CIL had received between six and 10 applications of interest for every mine offered under BCCL and CCL jurisdiction, while for ECL it was between 2 and 7.
But since CIL drew no response from them in the first round of tendering, it was forced to relax some conditions in the second phase, which is now under way. However, if this round also fails, the company may go for open global tendering, a process under which anybody can bid and there will not be any preliminary short listing.
A CIL was quoted as saying that "It has now been decided that if the second round of tendering also yields no result, open global tendering route will be resorted to.”
The manager said that "None of the interested parties responded to the notice inviting tenders for joint ventures. Rather, some of the parties gave some suggestions for softer tendering conditions. Those suggestions were examined and accepted to the extent possible. The second round of limited tendering is in process.”
The abandoned mines include 6 of Eastern Coalfields, 8 of Bharat Coking Coal and 4 of Central Coalfields mines.
(sourced from ET)
Wednesday, March 23, 2011
Monnet Ispat to buy another coal mine in Indonesia
Wed, Mar23,2011
Monnet Ispat touched an intraday high of Rs 532.50 and an intraday low of Rs 529.95. At 09:29 hrs the share was quoting at Rs 531.50, up Rs 6.15, or 1.17% on the NSE.
The company is close to buying another coal mine in Indonesia having reserves of fewer than 100 million tones, reports Business Standard.
It was trading with volumes of 2,573 shares. In the previous trading session, the share closed up 0.31% or Rs 1.60 at Rs 525.35. (source:moneycontrol)
Monday, March 21, 2011
Monnet Ispat acquires coal mine in Indonesia
Mon March 20, 2011, 0:05 IST
By Shubhashish
By Shubhashish
Mumbai: Monnet Ispat and Energy has bought a 100-million tonne coal mine in Indonesia, sources say. The announcement is likely to be made on Monday.
An official close to the deal told Business Standard, “The company has been in serious talks for the past 5 months to buy a 100-million tonne thermal coal mine in Indonesia. The acquisition is now complete and the announcement will happen on Monday.”
The official said the company has been looking at 4-5 coal mines in Indonesia and zeroed on this particular mine after careful inspection and due diligence. Company sources did not comment for the story.
Monnet Group's power projects fall under its subsidiary, Monnet Power Company. The subsidiary is currently setting up a 1050-Mw power plant in Angul, and has captive coal mines to feed the plant. The plant is expected to be operational by the third quarter of 2012. The company is also setting up additional 2,000-Mw power projects by June, 2014. Of the 2,000 Mw, two super critical power projects with the rated capacity of 2 x 660 Mw, equal to 1320 Mw, would come up and would be fed with imported coal.
Another source said the company has firmed up plans to increase its power generation capacity and to complement the plan, has been on the look-out for coal mines. The company has two power plants in Chhattisgarh — in Raigarh and Raipur, each with a combined capacity of 250 Mw. Monnet plans to ramp up the capacity to 500 Mw in two years and would need more coal to run the plant. The official said, “Currently, our coal mine in Chhatisgarh is producing 1 million tonne of coal and there is a plan to increase it up to 1.5 million tonne. Our total coal requirement for the Chhattisgarh power plants is currently 2.5-3 million tonne and the shortfall is met from the open market.” He said after the capacity is increased to 500 Mw, the company would need 5 million tonne of coal per year. (By Business Standard)
An official close to the deal told Business Standard, “The company has been in serious talks for the past 5 months to buy a 100-million tonne thermal coal mine in Indonesia. The acquisition is now complete and the announcement will happen on Monday.”
The official said the company has been looking at 4-5 coal mines in Indonesia and zeroed on this particular mine after careful inspection and due diligence. Company sources did not comment for the story.
Monnet Group's power projects fall under its subsidiary, Monnet Power Company. The subsidiary is currently setting up a 1050-Mw power plant in Angul, and has captive coal mines to feed the plant. The plant is expected to be operational by the third quarter of 2012. The company is also setting up additional 2,000-Mw power projects by June, 2014. Of the 2,000 Mw, two super critical power projects with the rated capacity of 2 x 660 Mw, equal to 1320 Mw, would come up and would be fed with imported coal.
Another source said the company has firmed up plans to increase its power generation capacity and to complement the plan, has been on the look-out for coal mines. The company has two power plants in Chhattisgarh — in Raigarh and Raipur, each with a combined capacity of 250 Mw. Monnet plans to ramp up the capacity to 500 Mw in two years and would need more coal to run the plant. The official said, “Currently, our coal mine in Chhatisgarh is producing 1 million tonne of coal and there is a plan to increase it up to 1.5 million tonne. Our total coal requirement for the Chhattisgarh power plants is currently 2.5-3 million tonne and the shortfall is met from the open market.” He said after the capacity is increased to 500 Mw, the company would need 5 million tonne of coal per year. (By Business Standard)
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